Monday, May 14, 2007

Nasdaq let lower by tech stocks (FinancialTimes)

By Anuj Gangahar in New York

Published: May 14 2007 14:15 | Last updated: May 14 2007 17:36

US stocks were mixed in early trading on Monday as the market responded positively to a fresh slew of deal news, led by the sale of the Chrysler Group to Cerberus Capital, but was weighed-down by declining momentum in the technology sector.

The sale of an 80 per cent stake in the Chrysler Group of DaimlerChrysler to US private equity group, Cerberus Capital led the automaker sector higher with reports that members of the Ford family were considering selling their stake in troubled Ford also welcomed by Wall Street. Ford lost a record 12.7 bn last year and its shares rose 4.8 per cent to $8.77 on Monday’s reports.

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